Notes to the consolidated financial statements - Efacec

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Deferred tax liabilities The line Deferred Tax Liabilities is made up as follows: Revaluation (Note 1.5) Options (Note 8) Other Total As at 01.01.2007 5,558,475 578,987 831,016 6,968,478 Carried to profi t and loss -204,693 59,673 -215,767 -360,786 Entries to consolidation perimeter 0 0 0 0 Exchange rate differences 0 0 0 0 Carried to equity 0 -265,340 0 -265,340 Exits from the consolidation perimeter 0 0 0 0 As at 31.12.2007 5,353,781 373,320 615,249 6,342,351 Carried to profi t and loss -208,737 -79,320 -174,580 -462,637 Entries to consolidation perimeter 0 0 6,530 6,530 Exchange rate differences 0 0 -733 -733 Carried to equity 104,200 -294,000 0 -189,800 Exits from the consolidation perimeter 0 0 0 0 Other variations 0 0 -3,963 -3,963 As at 31.12.2008 5,249,244 0 442,503 5,691,747 The amount for revaluation of tangible assets refers to a free revaluation done in 2005, and is carried to profi t and loss through annual depreciation; the amount booked to shareholders’ funds refers to the line “Land” that was subject to revaluation at the end of 2008 (Note 4.2), entering the respective deferred tax liabilities. The line "Others" relates mainly to deferred tax liabilities concerning ATM and BCI maintenance contracts totalling 440,669 Euro. 17. Provisions for risks and charges Pensions Financial shareholdings 33 Other risks and charges As at 01.01.2007 Carried to profi t and loss: 534,003 661,018 5,838,348 7,033,369 - Additional provisions 123,581 0 3,045,028 3,168,609 - Reversal of provisions -59,324 0 -2,469,667 -2,528,991 Variations in the consolidation perimeter 0 -661,018 0 -661,018 Exchange rate differences 0 0 -7,871 -7,871 As at 31.12.2007 598,260 0 6,405,837 7,004,097 Carried to profi t and loss: - Additional provisions 96,534 0 3,167,288 3,263,821 - Reversal of provisions -63,764 0 -1,376,719 -1,440,483 Variations in the consolidation perimeter 0 0 24,531 24,531 Exchange rate differences 0 0 -7,648 -7,648 Other variations 0 0 -139,274 -139,274 As at 31.12.2008 631,030 0 8,074,015 8,705,045 There is no environmental contingent liability. Other risks and charges This line includes mainly provisions for amounts to receive from insurance companies, penalties, repairs and negative variances on works in progress. The additional provisions of the period mainly relate to variances on work projects in the subsidiaries Efacec Energia and Efacec Ambiente. These amounts relate to situations which are being constantly analysed by the management of the various companies as to EFACEC’s responsibility to customers, and where an unfavourable outcome seems likely during the accounting period. Over the last few fi nancial years, the Group has incurred costs of after sales service and maintenance. These costs have been analysed, and if they are signifi cant, have been subject to provisions being set up for future losses.In this way the future potential commitments of the Group are appropriately presented. Total 2008 Consolidated and Individual Financial Statments
The amount shown as a reduction in provisions corresponds to the amount reversed out of the provision account as the related costs are recognised, or when the situation for which the provisions was set up, no longer exists. 18. Deferred income 31.12.2008 31.12.2007 Investment subsidies 2,356,446 1,722,010 Deferred invoicing 142,318,420 91,199,315 Other 1,596,367 1,571,711 34 146,271,233 94,493,036 The timetable of invoicing to customers is not strictly tied to the degree of completion of the related orders. The line Deferred Invoicing thus includes invoices issued but not yet recognized in terms of the stage of completion of the orders (Notes 1.10 and 29). 19. Minority Interests As at 31 December 2008 and 31 December 2007, the breakdown of minority interests was as follows: Min. Int.% 31.12.2008 31.12.2007 Efacec Serviços de Manutenção e Assistência, S.A. 19.9 1,971,068 1,732,184 Efacec Investimentos e Concessões SGPS, S.A. 25.0 70,630 75,301 Efacec International Financing SGPS, S.A. 45.0 578,215 571,874 Bauen Efacec, S.A. 23.3 392,381 279,311 Efacec Energy Service, Lda. 33.3 378,187 238,409 Efacec Contracting Central Europe Gmbh 15.0 -47,238 0 SVEP 8.0 30,609 27,522 Other 12,596 12,335 3,386,358 2,936,936 E. Notes to the Profit and Loss Account by nature for the years ended 31 December 2008 and 31 December 2007 20. Third Party Supplies and Services During the years ended 31 December 2008 and 31 December 2007, the main third party supplies and services were as follows: 31.12.2008 31.12.2007 Subcontracts 65,852,448 64,376,875 Specialised work 33,792,963 25,291,042 Goods transport 12,726,385 8,065,182 Travel expenses and Accommodation 11,294,161 8,698,572 Leasing and rentals 7,189,205 4,912,026 Repairs and maintenance 4,452,308 3,841,323 Tools and utensils for quick rescue 3,248,937 2,498,360 Fuel 3,037,604 1,435,690 Insurance 2,940,851 2,457,174 Advertising and publicity 2,183,621 1,964,027 Communications 2,173,558 1,769,132 Electricity 2,158,399 1,223,658 Fees 1,937,651 1,058,324 Cleaning, Hygiene and Comfort 1,004,880 971,171 Other supplies and services 11,150,992 6,449,736 165,143,963 135,012,292 Given the business activity of the group, there are no variances that merit special comment. Some signifi cant increase in percentage refl ects and accompany the Group's business growth.
Page 2: 1 2 Index Consolidated Financial St
Page 5 and 6: Non-current assets EFACEC Capital,
Page 7 and 8: EFACEC Capital, S.G.P.S., S.A. and
Page 9 and 10: EFACEC Capital, S.G.P.S., S.A. and
Page 11 and 12: In view of the fact that applying t
Page 13 and 14: 1.5 Tangible Fixed Assets Land and
Page 15 and 16: 1.11 Accounts receivable from custo
Page 17 and 18: 2. Financial risk management 2.1 Fa
Page 19 and 20: C. Segment Information 3. Reporting
Page 21 and 22: D. Notes to the Balance Sheets as a
Page 23 and 24: 22 31.12.2008 31.12.2007 ATM - Assi
Page 25 and 26: 24 31.12.2008 31.12.2007 Opening ba
Page 27 and 28: 9. Customers and accrued income The
Page 29 and 30: 14. Suppliers, other creditors and
Page 31 and 32: Companies and has period of 5 years
Page 33: At variable rates 32 31.12.2008 31.
Page 37 and 38: 24. Dividends per share The dividen
Page 39 and 40: 27.1 Transactions in 2008 and 2007
Page 41 and 42: 31.12.2008 31.12.2007 Associated co
Page 43 and 44: G. List of companies consolidated 3
Page 45 and 46: (f) This company is held by the gro
Page 47 and 48: 47 2008 Consolidated and Individual
Page 49 and 50: Efacec Capital, SGPS, S.A. Consolid
Page 51 and 52: Merger Reserve Other Reserves Retai
Page 53 and 54: A. General information Notes to the
Page 55 and 56: in the profi t and loss account of
Page 57 and 58: 1.16 Subsidies Subsidies received a
Page 59 and 60: C. Notes on the Balance Sheets as a
Page 61 and 62: a) The last accounts available were
Page 63 and 64: 9. Stocks The company features no s
Page 65 and 66: The fair value of current and non-c
Page 67 and 68: Revaluation Options Total As at 1 d
Page 69 and 70: 19. Income Tax The reconciliation o
Page 71 and 72: 2008 2007 Current transactions Grou
Page 73 and 74: To the Shareholders, Report and Opi

Notes to the consolidated financial statements - Efacec

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